Citizens' Issues
Backward classes panel for quota in private sector
New Delhi : The National Commission of Backward Classes has written to the social justice ministry to bring a bill for providing 27 percent reservation for backward classes in private sector jobs, a member said on Tuesday.
 
Shakeel-uz-Zaman Ansari said that panel had sent its recommendation for a bill for private sector quota to the ministry ahead of the budget session of parliament that begins February 23, adding the decision to make the recommendation was taken at a meeting of the panel held earlier this month.
 
He said the issue had been taken up by the commission in "a routine manner" as part of its work for the welfare of backward classes. 
 
"We have made a specific recommendation to bring a bill to provide 27 percent reservation in private sector jobs to OBCs," he said. 
 
He said the issue of reservation in private sector jobs was not new and suggestions have also been made for reservation in private sector for scheduled castes and scheduled tribes.
 
The commission is a statutory body under the social justice ministry.
 
The government has said in the past that there is no proposal under its consideration for reservation for SCs, STs and OBCs in the private sector. 
 
It had formed a coordination committee under the chairmanship of the principal secretary to prime minister in October 2006 to carry forward the dialogue with industry on affirmative action for SCs and STs. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex precariously poised – Tuesday closing report
Declining US markets may put further pressure on Indian markets 
 
We had mentioned that Nifty, Sensex were buffeted by overseas markets and that unless the US markets stabilise, the bulls will have tough time in India. The Indian equity markets suffered a further sharp correction after Monday and the day’s losses were over 1%. The trends of the major indices of Indian stock markets in Tuesday’s trading are given in the table below:
 
Disappointing macro-economic data, coupled with a massive plunge in Japanese indices and a weak rupee subdued Indian equity markets on Monday. Furthermore, absence of any positive triggers and investors' doubts over the government's ability to perk up investments dragged markets lower. Further, investors were seen disappointed over the third quarter (Q3) earnings results of corporate India, as well as a fall in the country's Q3 GDP (gross domestic product) numbers. In addition, a weak rupee unnerved investors. The Indian rupee again breached the level of 68 to a US dollar.
 
Despite official forecasts of a decent growth of the Indian economy during the current fiscal year, key stock market indices continued to lose ground on Tuesday, in line with global cues, amid extended holidays in most Asian markets for the lunar New Year.
 
Government-owned Punjab National Bank (PNB) closed its third quarter of the current fiscal with a drastic Rs723.55 crore fall in its net profit. In regulatory filing in BSE, PNB said it posted a net profit of Rs51.01 crore for the quarter ended December 31, 2015, whereas the same was at Rs774.56 crore for the quarter ended December 31, 2014. The total income is Rs13,891.20 crore for the quarter ended on December 31, 2015 whereas the same was Rs12,904.85 crore for the quarter ended on December 31, 2014. The provisions went up to Rs3,775.53 crore during the third quarter this fiscal up from Rs1,467.77 crore provided during the quarter ended December 31, 2014. The PNB's non-performing assets (NPA) stood at Rs22,983.40 crore as on December 31, 2015 up from Rs13,787.76 crore as on December 31, 2014. According to PNB, it has recognised deferred tax assets amounting to Rs1132.04 crore which was hitherto recognised as at the year-end, in accordance with the applicable Accounting Standards. Accordingly, figures of previous corresponding reporting periods are not comparable. PNB shares closed at Rs87.85, down 6.89. 
 
More changes might be required in the Companies Act and in the markets regulator Securities and Exchange Board of India (SEBI) regulations for listed companies to strengthen corporate governance, the government said on Tuesday. "There are more changes that might be required in the Companies Act...there are more changes that may be required how SEBI deals with listed entities to strengthen corporate governance," Minister of State for Finance Jayant Sinha said at an event here on corporate governance organised by the Federation of Indian Chambers of Commerce and Industry (Ficci). "We are seeing major changes on corporate governance...major changes in the nature of capitalism. This is well established within the framework we are following being a pro-poor as well as pro-market government," he added. The minister also said the whole process and manner of corporate governance is very important for building businesses. "So governance is going to be very important for us. If we are not able to sustain and follow the best standard of corporate governance it will be very difficult for our corporates to attract investment and talent to build businesses," he said.
 
Japan shares ended the trading Tuesday sharply lower, with benchmark Nikkei stocks index plunging over 5% on the yen's rapid appreciation to a about 15-month high. The 225-issue Nikkei Stock Average plunged 918.86 points, or 5.40%, from Monday to 16,085.44. The Japanese yen was quoted at 114.6 yen versus the US dollar, compared with lower 117 yen level on Monday. Yen's appreciation always triggers selling of export-oriented issues. Traders said the dollar's slide was sparked by selloffs in the US and Europe, with the yen often a preferred choice as a safe currency haven in times of economic turbulence or severe market jitters, which drives its value up versus its major counterparts. The sharp plunge in the Japanese stocks market followed weak performances in the overnight European and US stocks market amid fading outlook of interest hike by the US Federal Reserve and declines in oil prices. The day's turnover was about 3,055.6 billion yen ($26.68 billion).
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of major Asian indices are given in the table below:
 

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SEBI holds guilty CMD, CEO of Palred Technologies for insider trading
Top brass of Hyderabad-based Palred Technologies were found by SEBI to have used unpublished price sensitive information to unlawful gains of over Rs2.2 crore
 
Market regulator Securities and Exchange Board of India (SEBI) has held guilty chairman and managing director (CMD) and chief executive (CEO) of Palred Technologies Ltd (PTL), a micro-cap which runs LatestOne.com, an online mobile accessories store. 
 
According to SEBI, Palred's CMD Palem Srikanth Reddy and CEO Ameen Khwaja were part of a cartel of 15 people termed as 'insiders' and were in possession of unpublished price sensitive information (UPSI) on the basis of which they traded in the scrip of PTL. 
 
In an order, Prashant Saran, whole time member of SEBI said, "...I, in exercise of the powers conferred upon me by virtue of Section 19 read with Sections 11(1), 11(4)(d) and 11(B) of the SEBI Act, 1992, hereby order to impound the alleged unlawful gains of a sum of Rs2.22 crore (alleged gain of Rs1.66 crore plus interest of Rs56.55 lakh from the date of buy transactions to 31 January 2016), jointly and severally from the (15) persons tabulated in the paragraph above. If the funds are found to be insufficient to meet the figure of unlawful gains, as directed above, then the securities lying in the demat account of these persons shall be frozen to the extent of the remaining value.
 
Besides Palem Srikanth Reddy and CEO Ameen Khwaja, SEBI has named Noorjahan A Khwaja, Ashik Ali Khwaja, Rozina Hirani Khwaja, Shefali Ameen Khwaja, Shahid Khwaja, Pirani Amyn Abdul Aziz, Mohan Krishna Reddy Aryabumi, Karna Ramanjula Reddy, Umashankar S, Raja Lakshmi Srivaiguntam, Kukati Parvathi, Prakash Lohia and P Soujanya Reddy in the order.
 
SEBI investigation revealed that Palem Srikanth Reddy, Mohan Krishna Reddy and P Soujanya Reddy (promoter of PTL and mother of Palem Srikanth Reddy) were the persons privy to the ‘slump sale of software solutions business to Kewill group’. Palem Srikanth Reddy was also privy to the information about the declaration of dividend. “...Palem Srikanth Reddy had communicated or counselled, directly or indirectly the UPSI to one Ameen Khwaja, his relative Kukati Parvathy (aunt of Palem Srikanth Reddy) and others (hereinafter collectively referred to as the ‘suspected entities’). Ameen Khwaja appears to have not traded in the scrip of PTL during the period of investigation. However, his immediate family members namely  Noorjahan A Khwaja, Ashik Ali Khwaja, Rozina Hirani Khwaja, Shefali Ameen Khwaja and Shahid Khwaja (hereinafter collectively referred to as ‘Khwaja group’) were found to be trading in the scrip of PTL during the UPSI period," SEBI said.
 
The market regulator also found that Pirani Amyn Abdul Aziz was connected to Ameen Khwaja through mutual friends on ‘Facebook’. "He (Pirani Amyn Abdul Aziz) was employed with Deloitte Tax Services India Pvt Ltd (a group company of Deloitte Touche Tohmatsu India Pvt Limited, which had conducted the due diligence of PTL during the
slump sale). During the course of investigation, Pirani Amyn Abdul Aziz failed to reply to the specific details, as sought by SEBI," it said.
 
Earlier, on 9 December 2013, the Company changed its name from Four Soft Ltd to PTL.
 
Palred Technologies closed Tuesday 7.5% down at Rs63.9 on the BSE, while the benchmark Sensex ended the day 1.1% down at 24,020.

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COMMENTS

Nitin A. Khandkar

10 months ago

Someone had recommended the stock to me three months ago. I was skeptical of the business model and the company's e-commerce venture. Seems the company made a placement to top investors since then. This story only highlights the need to carry out thorough due diligence on small caps.

Arunkumar A Vijayan

10 months ago

Why are you bringing in Mr Porinju into the story??
Please explain?

ch prakash

10 months ago

I could not understand the connection with Mr.Porinju Veliyath with the story.

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